Strong third quarter financial performance(All financial
information is in U.S. dollars, and all earnings per share results
are diluted, unless otherwise noted).
- Third quarter 2016 net earnings of
$0.94 per share; earnings before items1 of $1.13 per share
- Lack-of-order downtime totaling 39
thousand tons in paper
- Personal Care sales growth of 8%
year-over-year
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net
earnings of $59 million ($0.94 per share) for the third
quarter of 2016 compared to net earnings of $18 million ($0.29
per share) for the second quarter of 2016 and net earnings of
$11 million ($0.17 per share) for the third quarter of 2015.
Sales for the third quarter of 2016 were $1.3 billion.
Excluding items listed below, the Company had earnings before
items1 of $71 million ($1.13 per share) for the third quarter
of 2016 compared to earnings before items1 of $38 million
($0.61 per share) for the second quarter of 2016 and earnings
before items1 of $54 million ($0.86 per share) for the third
quarter of 2015.
Third quarter 2016
items:
- Impairment of property, plant &
equipment of $5 million ($4 million after tax); and
- Closure and restructuring costs of $10
million ($8 million after tax).
Second quarter 2016
items:
- Litigation settlement of
$2 million ($2 million after tax);
- Impairment of property, plant &
equipment of $3 million ($2 million after tax); and
- Closure and restructuring costs of
$21 million ($16 million after tax).
Third quarter 2015
items:
- Closure and restructuring costs of
$1 million ($1 million after tax);
- Impairment of property, plant &
equipment of $20 million ($12 million after tax);
and
- Debt refinancing costs of
$42 million ($30 million after tax).
“We had a solid operating performance despite the market related
downtime in paper. Productivity improved due to lower planned
maintenance outages, and we further benefited from our continuous
improvement program efforts resulting in lower costs,” said John D.
Williams, President and Chief Executive Officer. “We are making
meaningful progress with the ramp-up of the Ashdown fluff pulp
machine with milestones achieved throughout the quarter. Production
of bale softwood pulp is underway with the fluff qualification
period set to begin in the fourth quarter.”
Mr. Williams added, “Strong sales momentum continued in Personal
Care; our topline is growing faster than market with year-over-year
growth of 8%. The recent acquisition of Home Delivery Incontinent
Supplies Co., a leading national direct-to-consumer provider of
incontinence products, will support our Personal Care growth
strategy going forward.”
QUARTERLY REVIEW
Operating income was $92 million in the third quarter of
2016 compared to operating income of $39 million in the second
quarter of 2016. Depreciation and amortization totaled
$87 million in the third quarter of 2016.
Operating income before items1 was
$107 million in the third quarter of 2016 compared to an
operating income before items1 of $65 million in the second
quarter of 2016.
(In millions of dollars)
3Q 2016 2Q
2016 Sales $ 1,270 $ 1,267 Operating income (loss) Pulp
and Paper segment 89 35 Personal Care segment 15 15 Corporate
(12 ) (11 ) Total operating income 92 39 Operating
income before items1 107 65 Depreciation and amortization 87 87
The increase in operating income in the third quarter of 2016
was mostly due to lower maintenance costs, lower raw material
costs, lower closure and restructuring costs and favorable exchange
rates. These factors were partially offset by higher selling,
general and administrative expenses, lower average selling prices,
a decrease in our paper sales volume and higher freight and other
costs.
When compared to the second quarter of 2016, manufactured paper
shipments were down 1% and pulp shipments increased by 3%. The
shipments-to-production ratio for paper was 102% in the third
quarter of 2016, compared to 105% in the second quarter of 2016.
Paper inventories decreased by 17,000 tons and pulp inventories
increased by 52,000 metric tons when compared to the second quarter
of 2016.
LIQUIDITY AND CAPITAL
Cash flow provided from operating activities amounted to
$95 million and capital expenditures were $83 million,
resulting in a free cash flow1 of $12 million for the third
quarter of 2016. Domtar’s net debt-to-total capitalization ratio1
stood at 30% at September 30, 2016 and at June 30, 2016.
OUTLOOK
The fourth quarter will be negatively impacted by seasonality
and mix in paper. We expect some short-term pricing volatility in
pulp, while raw material unit costs are expected to increase,
notably for wood, energy and chemicals. Our Personal Care results
are expected to continue to benefit from the new customer wins,
market growth and cost savings from the new manufacturing
platform.
EARNINGS CONFERENCE CALL
The Company will hold a conference call today at 11:00 a.m. (ET)
to discuss its third quarter 2016 financial results. Financial
analysts are invited to participate in the call by dialing 1 (800)
499-4035 (toll free - North America) or 1 (416) 204-9269
(International) at least 10 minutes before start time, while media
and other interested individuals are invited to listen to the live
webcast on the Domtar Corporation website at www.domtar.com.
The Company will release its fourth quarter 2016 earnings
results on February 9, 2017 before markets open, followed by a
conference call at 10:00 a.m. (ET) to discuss results. The date is
tentative and will be confirmed approximately three weeks prior to
the official earnings release date.
About DomtarDomtar is a leading provider of a wide
variety of fiber-based products including communication, specialty
and packaging papers, market pulp and absorbent hygiene products.
With approximately 10,000 employees serving more than 50 countries
around the world, Domtar is driven by a commitment to turn
sustainable wood fiber into useful products that people rely on
every day. Domtar’s annual sales are approximately $5.3 billion and
its common stock is traded on the New York and Toronto Stock
Exchanges. Domtar’s principal executive office is in Fort Mill,
South Carolina. To learn more, visit www.domtar.com.
Forward-Looking StatementsStatements in this release
about our plans, expectations and future performance, including the
statements by Mr. Williams and those contained under “Outlook,” are
“forward-looking statements.” Actual results may differ materially
from those suggested by these statements for a number of reasons,
including changes in customer demand and pricing, changes in
manufacturing costs, future acquisitions and divestitures,
including facility closings, and the other reasons identified under
“Risk Factors” in our Form 10-K for 2015 as filed with the SEC and
as updated by subsequently filed Form 10-Q’s. Except to the extent
required by law, we expressly disclaim any obligation to update or
revise these forward-looking statements to reflect new events or
circumstances or otherwise.
Domtar CorporationHighlights(In
millions of dollars, unless otherwise noted)
Three months Three months
Nine months
Nine months
ended ended
ended ended
September 30, September 30,
September 30, September
30,
2016 2015
2016 2015 (Unaudited)
$ $
$ $
Selected Segment Information Sales
Pulp and Paper
1,054 1,092
3,193 3,348 Personal Care
231 214
675 648 Total for
reportable segments
1,285 1,306
3,868 3,996
Intersegment sales
(15 ) (14 )
(44 ) (46 )
Consolidated sales
1,270 1,292
3,824 3,950
Depreciation and amortization and impairment of property,
plant and equipment Pulp and Paper
71 75
216 224
Personal Care
16 14
47 46
Total for reportable segments
87 89
263 270
Impairment of property, plant
5 20
29 57
and equipment - Pulp and Paper
Consolidated depreciation and amortization and
92 109
292 327
impairment of property, plant and
equipment
Operating income (loss) Pulp and Paper
89 54
143 184 Personal Care
15 18
44 45 Corporate
(12 ) (11 )
(38 )
(35 )
Consolidated operating income 92 61
149 194 Interest expense, net
17 64
49 115
Earnings (loss) before income
taxes 75 (3 )
100 79 Income tax expense (benefit)
16 (14 )
19 (6 )
Net
earnings 59 11
81 85
Per common share (in dollars) Net earnings Basic
0.94 0.17
1.29 1.34 Diluted
0.94 0.17
1.29 1.34 Weighted
average number of common shares outstanding (millions) Basic
62.6 62.9
62.6 63.4 Diluted
62.7
63.0
62.7 63.5 Cash flows provided from operating
activities
95 67
310 316 Additions to property, plant
and equipment
83 66
302
202
Domtar CorporationConsolidated
Statements of Earnings(In millions of dollars, unless otherwise
noted)
Three months Three months
Nine
months Nine months
ended ended
ended ended
September 30, September 30,
September
30, September 30,
2016 2015
2016 2015 (Unaudited)
$ $
$ $
Sales 1,270 1,292
3,824 3,950
Operating expenses Cost of sales,
excluding depreciation and amortization
969 1,026
3,032 3,140 Depreciation and amortization
87 89
263 270 Selling, general and administrative
107 95
314 294 Impairment of property, plant and
equipment
5
20
29
57
Closure and restructuring costs
10 1
33 3 Other
operating loss (income), net
— —
4 (8 )
1,178 1,231
3,675 3,756
Operating income 92 61
149 194 Interest expense, net
17 64
49 115
Earnings (loss) before income
taxes 75 (3 )
100 79 Income tax expense (benefit)
16 (14 )
19
(6 )
Net earnings 59 11
81 85
Per common share (in dollars) Net
earnings Basic
0.94 0.17
1.29 1.34 Diluted
0.94 0.17
1.29 1.34 Weighted average number of common
shares outstanding (millions) Basic
62.6 62.9
62.6
63.4 Diluted
62.7
63.0
62.7 63.5
Domtar CorporationConsolidated
Balance Sheets at(In millions of dollars)
September 30, December 31,
2016 2015
(Unaudited)
$ $
Assets Current assets Cash and
cash equivalents
168 126 Receivables, less allowances of $6
and $6
616 627 Inventories
770 766 Prepaid expenses
46 21 Income and other taxes receivable
33
14
Total current assets 1,633 1,554
Property, plant and equipment, net 2,887 2,835
Goodwill 548 539
Intangible assets, net
600 601
Other assets 162 125
Total assets 5,830 5,654
Liabilities
and shareholders' equity Current liabilities Trade and
other payables
645 720 Income and other taxes payable
25 27 Long-term debt due within one year
63
41
Total current liabilities 733 788
Long-term debt 1,309 1,210
Deferred income taxes
and other 692 654
Other liabilities and deferred
credits 342 350
Shareholders' equity Common stock
1 1 Additional paid-in capital
1,961 1,966 Retained
earnings
1,190 1,186 Accumulated other comprehensive loss
(398 ) (501 )
Total shareholders'
equity 2,754 2,652
Total liabilities
and shareholders' equity 5,830 5,654
Domtar CorporationConsolidated
Statements of Cash Flows(In millions of dollars)
For the nine months ended
September 30, 2016
September 30, 2015 (Unaudited)
$ $
Operating
activities Net earnings
81 85 Adjustments to reconcile
net earnings to cash flows from operating activities Depreciation
and amortization
263 270 Deferred income taxes and tax
uncertainties
6 (50 ) Impairment of property, plant and
equipment
29 57 Net gains on disposals of property, plant
and equipment
— (15 ) Stock-based compensation expense
5 5 Other
(3 ) 4 Changes in assets and
liabilities, excluding effect of acquisition of business
Receivables
19 (11 ) Inventories
6 (70 ) Prepaid
expenses
(5 ) (3 ) Trade and other payables
(53 ) 8 Income and other taxes
(18 ) 30
Difference between employer pension and other post-retirement
(16
)
2
contributions and pension and other post-retirement expense Other
assets and other liabilities
(4 ) 4
Cash flows provided from operating activities
310
316
Investing activities Additions to property, plant
and equipment
(302 ) (202 ) Proceeds from disposals
of property, plant and equipment
— 35 Acquisition of
business, net of cash acquired
(1 ) — Other
1 9 Cash flows used for investing activities
(302 ) (158 )
Financing activities
Dividend payments
(76 ) (75 ) Stock repurchase
(10 ) (50 ) Net change in bank indebtedness
1
(9 ) Change in revolving bank credit facility
60 75 Proceeds
from receivables securitization facility
140 — Repayments of
receivables securitization facility
(40 ) — Issuance
of long-term debt
— 300 Repayments of long-term debt
(40 ) (439 ) Other
(3 ) 1
Cash flows provided from (used for) financing activities
32 (197 )
Net increase (decrease) in cash and cash
equivalents 40 (39 ) Impact of foreign exchange on cash
2 (7 ) Cash and cash equivalents at beginning of period
126 174
Cash and cash equivalents at end of
period 168 128
Supplemental cash flow
information Net cash payments for: Interest (including $40
million of redemption premiums in 2015)
50 121 Income taxes
paid, net
37 16
Domtar CorporationQuarterly
Reconciliation of Non-GAAP Financial Measures(In millions of
dollars, unless otherwise noted)
The following table sets forth certain non-U.S.
generally accepted accounting principles (“GAAP”) financial metrics
identified in bold as “Earnings before items”, “Earnings before
items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before
items”, “EBITDA margin before items”, “Free cash flow”, “Net debt”
and “Net debt-to-total capitalization”. Management believes that
the financial metrics are useful to understand our operating
performance and benchmark with peers within the industry. The
Company calculates “Earnings before items” and “EBITDA before
items” by excluding the after-tax (pre-tax) effect of specified
items. These metrics are presented as a complement to enhance the
understanding of operating results but not in substitution for GAAP
results.
2016 2015 Q1
Q2 Q3
YTD Q1
Q2 Q3 Q4
Year
Reconciliation of "Earnings before
items" to Net earnings
Net earnings ($) 4 18 59
81 36 38 11 57
142 (+)
Impairment of property, plant and equipment ($) 16 2 4
22 12
11 12 12
47 (+) Closure and restructuring costs ($) 2 16 8
26 1 1 1 1
4 (+) Litigation settlement ($) — 2 —
2 — — — —
— (-) Net gains on disposals of property,
plant and equipment ($) — — — — (1 ) (11 ) — —
(12 )
(+) Debt refinancing costs ($) — — — — — — 30 —
30 (=)
Earnings before items ($) 22 38 71
131 48 39 54 70
211 (/) Weighted avg. number of common shares outstanding
(diluted) (millions) 62.8 62.7 62.7
62.7 63.9 63.7
63.0
62.9
63.4 (=)
Earnings before items per diluted share
($) 0.35 0.61 1.13
2.09 0.75 0.61 0.86 1.11
3.33
Reconciliation of "EBITDA" and "EBITDA
before items" to Net earnings
Net earnings ($) 4 18 59
81 36 38 11 57
142 (+)
Income tax (benefit) expense ($) (3 ) 6 16
19 9 (1 ) (14 )
20
14 (+) Interest expense, net ($) 17 15 17
49 26 25
64 17
132 (=) Operating income ($) 18 39 92
149 71 62
61 94
288 (+) Depreciation and amortization ($) 89 87 87
263 90 91 89 89
359 (+) Impairment of property, plant
and equipment ($) 21 3 5
29 19 18 20 20
77 (-) Net
gains on disposals of property, plant and equipment ($) — — — — (1
) (14 ) — —
(15 ) (=)
EBITDA ($) 128 129 184
441 179 157 170 203
709 (/) Sales ($) 1,287 1,267
1,270
3,824 1,348 1,310 1,292 1,314
5,264 (=)
EBITDA margin (%) 10 % 10 % 14 %
12 % 13 % 12
% 13 % 15 %
13 % EBITDA ($) 128 129 184
441
179 157 170 203
709 (+) Closure and restructuring costs ($)
2 21 10
33 1 1 1 1
4 (+) Litigation settlement ($) —
2 —
2 — — — —
— (=)
EBITDA before items ($)
130 152 194
476 180 158 171 204
713 (/) Sales ($)
1,287 1,267 1,270
3,824 1,348 1,310 1,292 1,314
5,264
(=)
EBITDA margin before items (%) 10 % 12 % 15 %
12
% 13 % 12 % 13 % 16 %
14 %
Reconciliation of "Free cash flow" to
Cash flows provided from operating activities
Cash flows provided from operating activities ($) 97 118 95
310 127 122 67 137
453 (-) Additions to property,
plant and equipment ($) (100 ) (119 ) (83 )
(302 )
(70 ) (66 ) (66 ) (87 )
(289 ) (=)
Free cash
flow ($) (3 ) (1 ) 12
8 57 56 1 50
164
"Net debt-to-total capitalization" computation Bank
indebtedness ($) 6 1 — 6 1 1 — (+) Long-term debt due within one
year ($) 41 64 63 169 169 42 41 (+) Long-term debt ($) 1,211 1,237
1,309 1,170 1,169 1,236 1,210 (=) Debt ($) 1,258 1,302 1,372 1,345
1,339 1,279 1,251 (-) Cash and cash equivalents ($) (97 ) (111 )
(168 ) (183 ) (207 ) (128 ) (126 ) (=)
Net debt ($) 1,161
1,191 1,204 1,162 1,132 1,151 1,125 (+) Shareholders' equity ($)
2,736 2,716 2,754 2,710 2,761 2,659 2,652 (=) Total capitalization
($) 3,897 3,907 3,958 3,872 3,893 3,810 3,777 Net debt ($) 1,161
1,191 1,204 1,162 1,132 1,151 1,125 (/) Total capitalization ($)
3,897 3,907 3,958 3,872 3,893 3,810 3,777 (=)
Net debt-to-total
capitalization (%) 30 % 30 % 30 % 30 % 29 % 30 % 30 %
“Earnings before items”, “Earnings before items per diluted
share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA
margin before items”, “Free cash flow”, “Net debt” and “Net
debt-to-total capitalization” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Net earnings,
Operating income or any other earnings statement, cash flow
statement or balance sheet financial information prepared in
accordance with GAAP. It is important for readers to understand
that certain items may be presented in different lines by different
companies on their financial statements, thereby leading to
different measures for different companies.
Domtar CorporationQuarterly Reconciliation of Non-GAAP
Financial Measures – By Segment 2016(In millions of dollars,
unless otherwise noted)
The following table sets forth certain non-U.S. generally
accepted accounting principles (“GAAP”), financial metrics
identified in bold as “Operating income (loss) before items”,
“EBITDA before items” and “EBITDA margin before items” by
reportable segment. Management believes that the financial metrics
are useful to understand our operating performance and benchmark
with peers within the industry. The Company calculates the
segmented “Operating income (loss) before items” by excluding the
pre-tax effect of specified items. These metrics are presented as a
complement to enhance the understanding of operating results but
not in substitution for GAAP results.
Pulp and Paper Personal
Care Corporate Total Q1'16
Q2'16 Q3'16 Q4'16
YTD Q1'16
Q2'16 Q3'16 Q4'16
YTD Q1'16
Q2'16 Q3'16 Q4'16
YTD Q1'16
Q2'16 Q3'16 Q4'16
YTD
Reconciliation of Operating income
(loss)
to "Operating income (loss) before items" Operating income
(loss) ($) 19 35 89 —
143 14 15 15 —
44
(15)
(11)
(12)
—
(38)
18 39 92 —
149 (+) Impairment of property, plant and
equipment ($) 21 3 5 —
29 — — — —
— — — — —
—
21 3 5 —
29 (+) Closure and restructuring costs ($) 2 21 10
—
33 — — — —
— — — — —
— 2 21 10 —
33
(+) Litigation settlement ($) — — — —
— — — — —
— — 2
— —
2 — 2 — —
2 (=)
Operating income (loss) before
items ($) 42 59 104 —
205 14 15 15 —
44
(15)
(9)
(12)
—
(36)
41 65 107 —
213 Reconciliation of "Operating
income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 42 59 104 —
205 14 15 15 —
44
(15)
(9)
(12)
—
(36)
41 65 107 —
213 (+) Depreciation and amortization ($) 73 72
71 —
216 16 15 16 —
47 — — — —
— 89 87 87 —
263 (=)
EBITDA before items ($) 115 131 175 —
421 30 30 31 —
91
(15)
(9)
(12)
—
(36)
130 152 194 —
476 (/) Sales ($) 1,085 1,054 1,054 —
3,193 216 228 231 —
675 — — — —
— 1,301 1,282
1,285 —
3,868 (=)
EBITDA margin before items (%) 11%
12% 17% —
13% 14% 13% 13% —
13% — — — —
— 10%
12% 15% —
12%
“Operating income (loss) before items”, “EBITDA before items”
and “EBITDA margin before items” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income
(loss) or any other earnings statement, cash flow statement or
balance sheet financial information prepared in accordance with
GAAP. It is important for readers to understand that certain items
may be presented in different lines by different companies on their
financial statements, thereby leading to different measures for
different companies.
Domtar CorporationQuarterly Reconciliation of Non-GAAP
Financial Measures – By Segment 2015(In millions of dollars,
unless otherwise noted)
The following table sets forth certain non-U.S. generally
accepted accounting principles (“GAAP”), financial metrics
identified in bold as “Operating income (loss) before items”,
“EBITDA before items” and “EBITDA margin before items” by
reportable segment. Management believes that the financial metrics
are useful to understand our operating performance and benchmark
with peers within the industry. The Company calculates the
segmented “Operating income (loss) before items” by excluding the
pre-tax effect of specified items. These metrics are presented as a
complement to enhance the understanding of operating results but
not in substitution for GAAP results.
Pulp and Paper Personal
Care Corporate Total Q1'15
Q2'15 Q3'15 Q4'15
Year Q1'15
Q2'15 Q3'15 Q4'15
Year Q1'15
Q2'15 Q3'15 Q4'15
Year Q1'15
Q2'15 Q3'15 Q4'15
Year
Reconciliation of Operating income (loss) to "Operating
income (loss) before items" Operating income (loss) ($)
75 55 54 86
270 10 17 18 16
61
(14)
(10)
(11)
(8)
(43)
71 62 61 94
288 (+) Impairment of property, plant and
equipment ($) 19 18 20 20
77 — — — — — — — — — — 19 18 20 20
77 (-) Net gains on disposals of property, plant and
equipment ($) —
(14)
— —
(14)
— — — — —
(1)
— — —
(1)
(1)
(14)
— —
(15)
(+) Closure and restructuring costs ($) — 1 1 1
3 1 — — —
1 — — — —
— 1 1 1 1
4
(=)
Operating income (loss) before items ($) 94 60 75 107
336 11 17 18 16
62
(15)
(10)
(11)
(8)
(44)
90 67 82 115
354 Reconciliation of "Operating
income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 94 60 75 107
336 11 17 18 16
62
(15)
(10)
(11)
(8)
(44)
90 67 82 115
354 (+) Depreciation and amortization ($) 74 75
75 73
297 16 16 14 16
62 — — — —
— 90 91 89 89
359 (=)
EBITDA before items ($) 168 135 150
180
633 27 33 32 32
124
(15)
(10)
(11)
(8)
(44)
180 158 171 204
713 (/) Sales ($) 1,146 1,110 1,092 1,110
4,458 218 216 214 221
869 — — — —
— 1,364
1,326 1,306 1,331
5,327 (=)
EBITDA margin before
items (%) 15% 12% 14% 16%
14% 12% 15% 15% 14%
14%
— — — —
— 13% 12% 13% 15%
13%
“Operating income (loss) before items”, “EBITDA before items”
and “EBITDA margin before items” have no standardized meaning
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income
(loss) or any other earnings statement, cash flow statement or
balance sheet financial information prepared in accordance with
GAAP. It is important for readers to understand that certain items
may be presented in different lines by different companies on their
financial statements, thereby leading to different measures for
different companies.
Domtar CorporationSupplemental
Segmented Information(In millions of dollars, unless otherwise
noted)
2016 2015 Q1 Q2
Q3
YTD Q1
Q2 Q3 Q4
Year
Pulp and Paper Segment Sales ($)
1,085 1,054 1,054
3,193 1,146 1,110 1,092 1,110
4,458
Operating income ($) 19 35 89
143 75 55 54 86
270
Depreciation and ($) 73 72 71
216 74 75 75 73
297
amortization Impairment of property, ($) 21 3 5
29 19 18 20
20
77 plant and equipment
Paper
Paper Production ('000 ST) 785 715 726
2,226 808 806 794 837
3,245 Paper Shipments - ('000 ST) 786 752 744
2,282
804 783 779 797
3,163 Manufactured Communication ('000 ST)
657 627 620
1,904 669 653 648 669
2,639 Papers
Specialty and ('000 ST) 129 125 124
378 135 130 131 128
524 Packaging Paper Shipments - ('000 ST) 32 29 35
96
35 29 35 28
127 Sourced from 3rd parties Paper Shipments -
('000 ST) 818 781 779
2,378 839 812 814 825
3,290
Total
Pulp Pulp Shipments(a) ('000 ADMT) 369 360 369
1,098 350 345 333 386
1,414 Hardwood Kraft (%)
6
%
4 % 5 %
5 % 9 % 8 % 8 % 8 %
8 % Pulp
Softwood Kraft (%) 69 % 66 % 67 %
67 % 65 % 65 % 65 %
69 %
66 % Pulp Fluff Pulp (%) 25 % 30 % 28 %
28 % 26 % 27 % 27 % 23 %
26 %
Personal Care Segment Sales ($) 216 228 231
675 218 216 214 221
869 Operating income ($) 14 15 15
44 10 17 18 16
61 Depreciation and ($) 16 15 16
47 16 16 14 16
62 amortization
Average
Exchange $US / $CAN 1.375 1.289 1.305
1.323 1.241 1.229
1.309 1.335
1.279 Rates $CAN / $US 0.727 0.776 0.766
0.756 0.806 0.813 0.765 0.749
0.782 € / $US 1.103
1.130
1.116
1.116 1.126 1.106 1.112 1.095
1.110
(a) Figures are gross of market pulp purchased from other
producers on the open market for some of our paper making
operations. Pulp Shipments represent the amount of pulp produced in
excess of our internal requirement.
Note: the term “ST” refers to a short ton and the term “ADMT”
refers to an air dry metric ton.
1 Non-GAAP financial measure. Refer to the Reconciliation of
Non-GAAP Financial Measures in the appendix.
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Domtar CorporationINVESTOR RELATIONSNicholas
Estrela, 514-848-5555 x 85979DirectorInvestor RelationsorMEDIA
RELATIONSDavid Struhs, 803-802-8031Vice-PresidentCorporate
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